Notice how rate or price responds at some of the Fibonacci retracement levels, especially where the above-mentioned levels coincide with aged support and countermeasure spots. This emphasises how, as with every single worthy detector, Fibonacci should only be used in conjunction with another indications of significant trader interest at certain rate levels. In other words, Fibonacci is a hugely powerful tool when used in confluence with other signals.
Investors who take part in the Foreign exchange market use a number of statistical tools, such as the Fibonacci series, to forecast the future direction of a currency exchange exchange rate.